Mobile banking transfers by bank customers in Nigeria hit a total of N12.8 trillion between January and September 2022, according to the Nigeria Inter-Bank Settlement System (NIBSS).
The use of mobile channels for financial transactions within the first nine months of 2022 exceeded the N8 trillion recorded in 2021.
This rise in mobile money transfer indicates that the Central Bank of Nigeria’s cashless policy is yielding results.
The integration of digital payment platforms during the COVID-19 lockdown has continued to promote the use of mobile payment systems over cash payment.
With the effective implementation of the recent announcement by the CBN to redesign some banknotes, the volume of transactions via mobile payment will increase in the upcoming months.
However, the adoption of mobile payment is impeded by several concerns, particularly internet theft, which could potentially lead to losing one’s lifetime savings.
To minimise the likelihood of such an occurrence, the CBN and banks are encouraged to collaborate and develop a framework that would strengthen the security of the payment platforms.